Property Marketing Trends in 2024
Throughout 2024, we have seen the property market evolve with various developments that have influenced the industry. There are various contributing factors – economic, social and technological.
Being aware of these property market trends is crucial for both buyers and sellers in order to make informed decisions. So, as we approach the end of 2024, Daniel James Group have compiled a list of the predominant trends within the property market, and how they have shaped the modern landscape.
The Demand for Eco-Friendly Solutions
We have seen a rising trend in the quest for sustainable options. More and more buyers are opting for energy-efficient properties, particularly when equipped with smart technology.
We are seeing features such as solar panels, smart home systems and energy-efficient appliances rise in popularity. Their appeal comes from not only their environmental consciousness, but also their efficiency in long-term savings with utility costs.
For current sellers, it may be worth investing in these energy-efficient, eco-friendly upgrades to create properties that are more desirable to current prospective buyers, who are likely to seek out these eco-friendly features.
The Shift to Remote Work
Over the last few years, we have seen remote work become more common, and this trend has continued throughout 2024. Nowadays, many prospective buyers are looking for properties that have dedicated office spaces for their hybrid or remote work. This has also led to many buyers seeking properties in more rural areas, since the need for a short distance to the office is no longer as prevalent.
As a result, we have seen inner city markets tapering off slightly, whilst rural and suburban areas are gaining more interest from buyers. We expect to see continued growth in the demand for rural and suburban properties, and sellers should expect to see strong interest, particularly if home office spaces are offered.
Affordability and Downsizing
Throughout 2024, we have seen a rise in living costs, with higher interest rates ensuing. As a result, prospective buyers are now looking for properties that are smaller, and therefore more affordable. We have seen a clear trend towards downsizing, and this trend is most significant in first-time buyers.
Many developers have noted this trend and have responded by building homes that are more compact, whilst maximising the space within to remain more budget-friendly for prospective buyers. For those who are selling larger properties, this should be taken into consideration – pricing strategies may need to be adjusted to attract a higher degree of interest in a market of budget-friendly buyers.
The Conclusion of 2024
As we near the end of the year, we have seen how the current economic, social and technological factors have shifted the property market. For buyers, they should prepare for a competitive market by staying informed on interest rates and aim to stay flexible in their search.
And for sellers, their focus should lie in upgrading their properties to adhere to the current trends of affordability and eco-friendly adaptations. Staying informed is crucial for navigating the 2024 property market.